Grainswest Tech 2021

Tech 2021 Grains West 10 THE FARMGATE A GROUP OF BUSINESS development organizations has launched a mentorship program in Alberta to assist innovative agriculture technology and agri-food ventures. The Alberta Yield: Ag and Food Tech Advisory Program is in- tended to guide tech-based entrepreneurs as they establish their businesses, locate funding and expand. “We identified a gap in knowledge in many early-stage startups,” said Kevin Dahl, an Alberta Yield advisor with Platform Calgary, which delivers the program in co-operation with TEC Ed- monton and Bioenterprise. The program is co-funded by Bioenterprise, Western Economic Diversification Canada and Alberta Innovates. Alberta Yield targets startup compa- nies in two categories. In its cohort-based stream, it works with early-stage compa- nies on business fundamentals. Secondly, a one-on-one mentorship stream focuses on companies further along in devel- opment and that may face barriers to growth. All are assisted with customer develop- ment and assessment of market demand as well as guidance to increase sales and refine business models. Work is also done to improve investor readiness—the busi- ness venture’s ability to meet and respond to the needs of its financial backers. The program’s two streams differ slightly. In both, businesses are paired with an expe- rienced advisor who mentors and coaches the founders. “The real concept of this program is one of collaboration,” said Michael McGee, director of innovation with Biotenterprise. He believes that to build successful ag businesses that can diversify the Alberta economy, multiple players and funding sources are needed. “The people we have brought in understand what it takes to be successful in today’s economy with consumer sensitivities and environmental considerations in mind.” McGee said there has been great inter- est in the pilot project. Of 42 applicants, enrollment was kept at 15 to encourage plenty of bonding between participants and interaction with mentors. McGee also noted the program gives participants many opportunities to learn from each other and develop an informal network of advisors. Thirty additional organi- zations will share their expertise with participants. A LEARNING NETWORK Two things are required of the cohort businesses, said Dahl. “These businesses had to have a product, and they had to have existing customers. By bringing together a group of entrepreneurs at the same stage, we are able to present them with ideas they can all take back and begin to grow their business.” Each cohort participates in seven weeks of group work that includes panel sessions on sales, marketing and funding, as well as group workshops. This is followed by a week of prep work in which they refine their pitches to potential investors and try them out in front of a panel of mentors. Owen Kench is co-founder of Mojow Autonomous Solutions. The company de- velops digital tools that streamline farm processes. Mojow’s artificial intelligence systems are intended to make the autos- teering systems in tractors and sprayers fully autonomous. “There’s a lot of information out there for the technology sector but it’s hard to find information on how to move into agtech,” said Kench. “The agriculture network is both immense and tightly con- nected.” The Alberta Yield program gave Kench and his business partner Mojtaba Hedayatpour the opportunity to improve their business skills and develop industry connections. Kench said the program involves a few hours of commitment per day, three days a week, with the focus being business fundamentals. Previous to participating in the program, he had been involved in an unrelated startup. Despite this previ- ous experience, the program illuminated gaps in his knowledge. He realized the importance of identifying shortcomings early in the startup process to prevent costly delays in the development of a company or product. “We have had several opportunities to improve our story to investors before a fi- nal pitch event at the end of the program, with lots of feedback from those who are Prepare to launch Alberta Yield assists agtech entrepreneurs with business blueprints “To build successful ag businesses we need a consortia of players and dollars to help build companies that can diversify the Alberta economy.” —Michael McGee